October 15, 2020 | AtoZ Markets – The Financial Services Commission of Mauritius (FSC) has issued a warning against a forex and crypto brokerage firm. Specifically, the Mauritius regulator has warned the public against dealing with ForexG Global Trading.
Mauritius FSC warns against ForexG Global Trading
The financial regulator of Mauritius has issued an alert for the public against ForexG Global Trading for offering their services to investors in the jurisdiction without authorization:
“The FSC hereby informs the public that ForexG Global Trading and/or any other individuals or representatives or promoter groups operating under this name are not and have not, at any point in time, been licensed and regulated by the FSC. The FSC therefore would like to warn the public not to deal with ForexG Global Trading,” said in a press release from the Mauritian regulator.
"At ForexG, we follow industry best-practice and maintain high standards of governance, compliance and consistency, and we take extreme measures to ensure the protection of our clients and the safety of their funds, through multiple regulations and segregation of clients’ funds with highly rated and secured financial institutions," ForexG claims.
However, taking a look at the ForexG Global Traders website, the broker does not clearly indicate the presence of any license or registration, and only indicates the physical location in Port Louis, of the Republic of Mauritius.
How to avoid fake online brokers
Of course, this is not the first time that scam forex brokers try to mislead investors by providing fake details, especially those related to offshore jurisdictions. However, this case once again emphasizes the need to verify the information provided by brokerages to their potential clients, for example, by looking at the official register on the website of the regulator itself.
While choosing a forex broker, it is essential to be cautious. Indeed, just because a broker claims to be reliable does not mean you should invest with them. As we covered in the how to choose a reliable Forex broker article, there are many steps that you need to look into.
To avoid being scammed, you can also check out AtoZ Markets approved forex brokers. These brokers have been tested by the team of AtoZ Markets experts to receive the AtoZ Approved badges.
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